There is no special type of IRA for spouses, instead the rule allows non-working spouses to contribute to a traditional IRA or a Roth IRA—provided they file a joint tax return with their working spouse. Each person may only contribute to their own accounts up to the annual IRA contribution limit.

Can my wife access my IRA if I die?

If you are a beneficiary of your deceased spouse’s IRA or 401(k), you can: Withdraw all the money now (and pay whatever income tax is due). Roll over the account into your own traditional or Roth IRA—an existing account or a new one you open now. Put the money in an “inherited IRA.”

Can my wife access my IRA?

If your spouse is earning low or no annual wages, your spouse may be able to open a spousal IRA to save tax-efficiently for retirement. It’s not a joint account, but rather a separate IRA set up in your spouse’s name. You must be married and filing a joint tax return in order to open a spousal IRA.

How does the IRS use the value of an IRA?

The IRS will use the distribution value to assess your tax liability, in combination with any information you provide with your tax return (e.g., Form 8606, Nondeductible Assets). Once you reach age 70½, you must begin taking annual payments from your traditional, SEP, and SIMPLE IRAs.

How does a custodian determine the value of an IRA?

An IRA custodian’s policies for obtaining valuations, including responsibility for determining the value and frequency, are typically explained in the IRA plan agreement or other account opening document for the IRA. The valuation may be sent by the asset’s designated valuation agent.

Can a spouse deduct the amount of an IRA contribution?

The exact deductible amount will depend on what other retirement accounts you have. “If neither you nor your spouse is covered by a company retirement plan, you can deduct the full amount of your annual contribution, no matter how much money you make,” says Mike Piershale, president of Piershale Financial Group in Barrington, Illinois.

When do you need a fair market value statement for an IRA?

IRA custodians require IRA owners or the designated valuation agent to provide a December 31 valuation early in January so they can meet the first reporting requirement. Under the tax laws for all IRAs, IRA custodians must provide a Fair Market Value Statement to IRA owners by January 31 each year.